Africa-Press – Cape verde. Credit and deposits from national banks reached new highs in 2024, according to the latest statistics bulletin published by the Bank of Cabo Verde (BCV) and consulted today by Lusa.
Credit reached its highest value ever, exceeding 206.6 billion escudos, driven by the growth in money lent to the private sector, while exposure to the public sector fell, according to the consolidated balance sheet for 2024 of the country’s commercial banks.
Credit to the private sector represents 70% of the total and grew 6.7% in 2024, in line with economic growth, while credit to the central government, local governments and non-financial public companies decreased.
Also according to the same balance sheet published by the BCV, deposits also set a new record, with an amount exceeding 257 billion escudos.
Around 42% of the value is in demand deposits, followed by 22.7% in deposits from emigrants and 19.6% in term deposits.
The most recent report from the International Monetary Fund (IMF) on the country indicated that at the end of September 2024, the seven banks in the system “held assets equivalent to 126.4% of the country’s Gross Domestic Product (GDP)” and “two systemically important national banks jointly account for a large share of the sector’s total assets and deposits”.
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